Daily summary: European markets close slightly higher in muted trading

6:27 PM November 20, 2020
  • European stocks end the day higher

  • Treasury-Fed clash in the spotlight

  • Retail sales reports above expectations

The final trading day of the week brought some upbeat moods on European stock markets despite rising Covid-19 uncertainty in the US and Treasury Secretary Mnuchin’s announcement that the Fed’s emergency lending programs would expire by the end of the year. Most blue chips indices from the Old Continent closed the session higher. DAX rose 0.40% while CAC 40 added 0.39%. US stocks opened slightly lower today, but Nasdaq index have managed to climb above the flatline later. 

Precious metals try to recover today - gold prices bounced off $1,850 level, silver prices gain as well. WTI has been swinging around $42 a barrel. EURUSD is trading 0.15% lower in the evening. Bitcoin prices surge almost 4%, climbing above $18,600 - it is less than $1,000 below all-time highs. 

As far as economic calendar is concerned, investors have seen some retail sales reports releases. The data from Australia and UK for the month of October came in well above expectations (Australia 1.6% MoM, UK 1.2% MoM). Canada’s retail sales was better-than-expected as well, but the data related to September.

Monday will bring several PMI releases from key European economies and they might be regarded as potential market-moving events. Some US companies are still to present their quarterly reports. On Monday there is also a holiday in Japan and markets will be closed there. 

Bitcoin rally on a weekly chart looks truly astonishing. An upward move has been accelerating and cryptocurrency has got really close to its all-time highs near $19,600. Its price has risen more than 15% since Monday and the week is not over yet! Source: xStation5

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